• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Benjamin Lawsky Unveils Final Bitcoin Regulations
Sensei Inu Logo

Benjamin Lawsky Unveils Final Bitcoin Regulations

NewsBTC by NewsBTC
8 years ago
in Uncategorized
Reading Time: 2 mins read

Speaking at the BITS Emerging Payments Forum today, Superintendent of the New York Department of Financial Services Benjamin Lawsky released the final set of Bitcoin regulations, commonly known as BitLicense.

The rules and regulations will govern only the financial intermediaries associated with Bitcoin and other virtual currencies.

Mr. Lawsky said: “The emergence of digital currency and other new forms of payments technology represent an important test for financial regulators such as NYDFS. We have a responsibility to regulate new financial products in order to help protect consumers and root out illicit activity. However, by the same token, we should not react so harshly that we doom promising new technologies before they get out of the cradle.”

The final version of BitLicense would not cover software developers, individual users, or merchants accepting Bitcoin as a payment.

Another positive revelation was that the cryptocurrency businesses would not require prior approval from the state for software updates, but will be needed for significant changes such as a wallet firm offering exchange operations.

Benjamin Lawsky reiterated that regulations will go a long way in promoting Bitcoin adoption and foster healthy competition between the companies. He hoped that the wary consumers will look to adopt Bitcoin and other cryptocurrencies post the licensing, and when the licensed companies report a bigger customer base, it will only push other companies to adopt the framework and apply for the license. This in turn, will ensure that the companies operate in a competitive environment while the interests of the consumers remain safeguarded.

Companies following the NYDFS regulations will be able to accept customers from the entire US, subject to condition that the state governments have no objections. The department is also in talks with other governments regarding the matter.

Each application needs to be submitted with an initial fee of $5,000 to cover processing costs, reviewing application materials, and investigating the financial condition and responsibility, financial and business experience, and character and general fitness of the applicant.

The outgoing superintendent acknowledged that the current version of DFS rules may not be received warmly by all, but it is a good start. And as the industry and the businesses evolve, the rules can be modified accordingly.

The complete 44-page document of the finalized BitLicense can be viewed here.

Tags: Benjamin Lawskybitcoinbitcoin companiesBitcoin regulationsbitlicenseNewsnydfs
Tweet123Share196ShareSend
NewsBTC

NewsBTC

Related Posts

Cardano

Cardano To Shed Its Gains? Profit-Taking Spikes To High Levels

13 mins ago
BSV

Bitcoin SV (BSV) Notches 8% In The Last Day as Top Coins Bleed

1 hour ago
Sam Bankman-Fried FTX Jury

Coinbase’s Legal Expert Outlines What To Expect In FTX’s Sam Bankman-Fried Jury Selection

2 hours ago
Bitcoin News BTC BTCUSDT BTC Price Bitcoin Price

Bitcoin News: Revival Of “Satoshi Nakamoto” Account Could Signal Slump In BTC Price?

3 hours ago
Bitcoin

Bitcoin And Gold Poised For Growth Amidst US Fiscal Troubles, Top Macro Investor Says

4 hours ago
New Generation of ASIC Miners released by ASICRUN

New Generation of ASIC Miners released by ASICRUN

5 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Traders Union Analysts Provide In-Depth ActiveTrades Review

    3 hours ago
  • Sportsbet.io Secures New Influencers for Ongoing Campaign

    3 hours ago
  • Meme Coins Won’t Make You Rich, But This Might

    5 hours ago
  • Everlodge, THORChain, and The Graph: Crypto Experts Predict...

    5 hours ago
  • Tradecurve Markets Set to Skyrocket 4,000% as Cosmos Hits...

    5 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.